-- Average corporate production for the month of October was 932 boe/d,
more than double that of the previous month, and 465% higher than
production at the beginning of the calendar year;
-- Molopo's first Bench B well drilled in Fiesta, Baggett 54-1H started to
produce measurable oil on 26 November at an early stage of clean-up with
only 7.5% of the load fluid recovered;
-- Thirty day production (IP30) rates in Molopo's Barnhart area met
expectations;
-- Bench A wells drilled in Fiesta continue to stabilize with results being
monitored to understand viability of continued Bench A development;
-- Molopo's 2013 capital budget will be confirmed once data is available
from the Baggett 54-1H Bench B well and the Linthicum Washington 24-2H
well in Barnhart;
-- Molopo anticipates calendar year 2012 exit production rate to be within
a range of 1,500 to 2,100 boe/d depending on timing of wells coming on-
stream and well results, particularly from the Baggett 54-1H well and
the 24-2H well in Barnhart.

Corporate Update

-- Molopo will change our financial year end to 31 December from 30 June in
order to be more favorably positioned in the North American operating
and financial markets.
-- Effective 1 July 2012, our presentational currency will also be changed
from Australian dollars to U.S dollars to enable reporting in the same
currency as the majority of our revenues and expenditures.

-- Baggett 54-1H (Fiesta) - On 25 November this well first showed oil
staining and by 26 November started to produce measurable oil after only
7.5% of load fluid was recovered, which is earlier than experienced with
our other Fiesta Wolfcamp wells. As this is our first well drilled into
Bench B in the Fiesta area, results from this well will be significant
to both our exit production rate and our future development program.
-- Parker 85 (Fiesta) - In October, a vertical recompletion of the Wolfcamp
commenced in this well, which is one of the first 3 horizontal wells
drilled in Texas in late 2011. Following fracture stimulation, this well
began to flow back in November, and post clean-up, Molopo will move up
the well bore and test the Spraberry formation as well. Depending on the
results of this vertical recompletion, we may elect to vertically
develop other locations on our acreage to complement the existing
horizontal development.
-- Linthicum-Washington 24-2H (Barnhart) - On 8 November, Molopo spudded
this 3rd well in the Barnhart area, and drilling concluded 28 November
with an 8,170 foot lateral. Completion of this well is scheduled for
early December, with flow back and results expected in late December or
early January.
-- Bench A wells drilled in Fiesta have exhibited steep initial declines
but appear to have stabilized sooner. While this impacts near term
production levels, it is expected to contribute to longer, more stable
production at the tail end of the production curve. Continued analysis
of the Bench A wells is required to assess type curves, as well as
determine future development opportunities in this Bench.

2013 Capital Budget

-- Molopo is currently working through the 2013 budgeting process, and a
final capital budget for 2013 will be available following results from
the 54-1H Bench B well, the 24-2H well in Barnhart, plus further
stabilization data from the other wells drilled through the last half of
calendar year 2012. By incorporating these data points, Molopo will be
able to make the most prudent decision regarding optimal investment, and
be better able to target the locations and Benches with the best
performance to date. It is anticipated a final budget will be available
early in 2013 and will be released at that time.

Saskatchewan Operational Highlights

-- No new wells were drilled or completed in Saskatchewan during November,
and Molopo's technical team continues to evaluate the optimal future
strategy for this asset.

Production

-- Production in October 2012 totaled 932 boe/d, with 83% coming from Texas
(775 boe/d), and 17% coming from Saskatchewan (157 bbl/d). The breakdown
in October by product was 52% light, sweet crude oil; 19% natural gas
liquids; and 29% natural gas.
-- Despite the significant growth in our production over the past month,
Molopo's October production was curtailed by approximately 100 boe/d due
to downtime and associated flaring. The majority of this was caused by
operational problems experienced on third parties' externally operated
gas systems.
-- Molopo expects to exit calendar year 2012 producing in a range of 1,500
to 2,100 boe/d, depending on production timing and results from the
Baggett 54-1H well and the 24-2H well in Barnhart, which was drilled
later in the year than originally planned.

Corporate Update

-- Change to 31 December financial year end - In order to position Molopo
more favorably in the North American operating and financial markets, we
have elected to change our financial year end from 30 June to 31
December, which will take effect for the year end 31 December 2012.
Molopo will report stub year financial statements for the 6 month period
from 30 June to 31 December 2012, and report annually at each 31
December year end thereafter. As a result, Molopo's Annual General
Meeting (AGM) will be held on or before 31 May 2013.
-- Change to US Dollar presentational currency - Given our operational
focus in Texas, the majority of Molopo's realized revenues and capital
expenditures are denominated in U.S. dollars. As a result, we will
change our presentational currency from Australian dollars to U.S
dollars effective 1 July 2012.
-- Results of 2012 AGM - At the Company's AGM on 22 November 2012
(Australia), all resolutions were passed with the exception of the
amendment to Molopo's constitution which required a 75% approval, and
achieved a 69.24% approval. This resolution was requesting that
directors seek re-election annually at Molopo's AGM if our shares are
listed on a North American exchange. Presently, Molopo's constitution
provides that a director must resign and seek re-election at the third
AGM after that director was elected. Further, it was proposed that the
number of directors be at least three and not more than seven, with the
Board having discretion to increase the maximum number. There are no
negative implications arising from the resolution not being approved, as
the North American exchange merely requested that we put the vote to our
shareholders prior to seeking a listing. Regardless of the outcome, the
Exchange's requirement has been satisfied. However, assuming we move
forward with a listing, the Exchange will require that Molopo put a
similar resolution to shareholders again in 3 years.
-- Share Price - The trading price of Molopo's shares came under pressure
in mid-November following the announcement by MSCI Inc. that Molopo was
one of 16 companies removed from the MSCI Global Small Capitalization
Index - Australia. As a result of this change, certain funds that track
the index had to rebalance their portfolios to adjust for the additions
and deletions from the index. While the price of our shares recovered
somewhat, we continue to feel that we are undervalued in light of our
strong cash position and high quality asset base. With ongoing
aggressive marketing of our story to new and existing investors, coupled
with continued positive results, we believe that the significant short
term value disruption and volatility we are experiencing in the market
will be addressed.

Outlook

-- Molopo continues to be very well capitalised, and expects to exit
calendar year 2012 with approximately $72 million in cash, while still
investing in its capital expenditure program focused in Texas.
-- Upcoming catalysts for Molopo include the results from our Baggett 54-1H
well and Barnhart 24-2H well, along with the further stabilization data
from our other wells drilled in Texas. These data points will drive our
budget for 2013, as well as confirm our 2012 calendar year exit rate.
Additional catalysts will also include a decision regarding a North
American listing, and continued marketing of Molopo's investment thesis
to new global investors.

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

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